Apr 7, 2015 11:52 AM
Vivendi confirms offer for video sharing site Dailymotion
The Associated Press
PARIS (AP) Vivendi, the Paris-based media multinational, confirmed an offer for the online video sharing platform Dailymotion on Tuesday, a day after a Hong Kong company blamed France's protectionist policies for its decision to abandon its bid.
A joint statement from Vivendi and Orange, Dailymotion's parent company, said the companies are entering exclusive negotiations for Vivendi to acquire 80 percent in the YouTube rival for 217 million euros ($235 million.)
Orange would retain a 20 percent stake in the company, the statement said.
Orange, the former France Telecom, has been looking for a buyer for Dailymotion since 2012, while the government a partial stakeholder itself has been intensely involved in the future of a company it considers an example of French entrepreneurship.
"An environment where policies appear to favor a French or European solution is discouraging for international business participation," the Hong Kong-based telecom company PCCW said Monday in a statement announcing it was leaving talks for Dailymotion.
France's government blocked Yahoo from buying the site two years ago, saying its ownership stake gave it the right to overrule a deal it described as unfair.